CAIRO, Nov. 12 (UPI) -- The International Monetary Fund approved a $12 billion loan for Egypt, an effort to revive the country's struggling economy by "restoring stability and confidence in the economy, and implementing structural reforms that will create jobs," officials said.
The approval allows for the first installment of the three-year loan, $2.75 billion, to be immediately disbursed. The remainder of the loan will be phased in over the duration of the program, subject to five reviews, the IMF said.